Dairy exports bump up trade surplus

A rise in exports of milk powder, butter and cheese from a year earlier helped push New Zealand's trade surplus to a higher than expected $567 million for March.

Statistics New Zealand said the March balance was equal to 14 per cent of exports, the largest trade surplus for a March month since 2002.

Exports for the year fell 8.8 per cent or $3.8 billion to $39.5 billion, with the largest fall recorded in the milk powder, butter and cheese category.

Imports for the year fell 17.3 per cent or $8.3 billion from the previous March year to $39.7 billion. That was the first fall in a year ended March since 1997, and the largest percentage fall for a March year since 1975.